The leadership transition …
ASTM's company's board of directors has named Dan Orlando interim CEO of Aastrom.
Mr. Orlando, who joined Aastrom as chief commercial officer in August, will assume the position of interim CEO effective 12/14/12. Aastrom's President and CEO Tim Mayleben is retiring but will remain an active member of the board of directors.
The Bottom Line: Interim CEO, Dan Orlando brings a depth of experience in the development and commercialization of cardiovascular and metabolic therapies that will help ASTM to continue moving forward. Mr. Mayleben will continue to support the transition to a permanent CEO. I am not the only one to say - "Great Move"; Steve Brozak of WBB Securities also signaled the same message in a call … "Dan past deal structure successes <especially having worked for a Japanese entity - Taketa, North America where negotiation skills are truly driven> and experience should further focus … ASTM's ability to drive significant value to this disease state franchise"! ASTM closed DOWN yesterday … at $1.30 but, is up $0.02 <+1.54%> to $1.32 at the open with a tighter mid-day range of $1.29 - $1.32 but, is settling at $1.30. I have NOT given up as ASTM has been getting "hammered" on filings of stock sales but, they are … related to the warrant swaps … which other companies have been … unable … to recognize with their "muddied" balance sheets! I have maintained a "BUY" in this market and at this pricing because of the late stage trial status even with a dwindling RegMed universe pricing and visibility. As the BOD … fulfills its responsibility … they will make this appointment permanent in the New Year !
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.